AM fix was USD 1,767.25, EUR 1,349.36 and GBP 1,089.42
Friday's AM fix was USD 1,772.50, EUR 1,359.70 and GBP 1,093.53 per ounce.
Silver is trading at $34.52/oz, €26.44/oz and £21.36/oz. Platinum is trading at $1,699.00/oz, palladium at $685.50/oz and rhodium at $1,050/oz.
Gold rose $5.30 or 0.3% in New York and closed at $1,771.60. Silver climbed to $34.91 then dropped before bouncing back higher, and finished with a loss of 0.06%. Gold was up 2.02% for the week and silver another 3% for the week.
Gold is slightly weaker today but hovering near a 7 month high, as the US Fed's announcement of QE3 has led to some investors diversifying into bullion as a hedge against inflation risk.
The yellow metal rose as high as $1,777.51 on Friday, a high not seen since February 2012 when it hit this year's peak. Last September 2011, it reached a nominal high of nearly $1,920/oz.
QE3 will allow the Fed to print dollars to buy $40 billion worth of bonds every single month for the foreseeable future. Dollars, euros and pounds are being made to grow on trees the precious metals do not.
November marks the festival season of Diwali in India, the Hindu festival of lights and demand has picked up as both jewellers and investors scaled up purchases before prices rise any further.
Marc Faber, one of the few analysts, to have predicted the current crisis correctly and to have protected his clients in the process, remains very bullish on gold.
In another excellent Bloomberg interview, Faber said that "the trend for gold prices will be steady but the trend for the dollar and other currencies will be down. So in other words gold in dollar terms will trend higher."
"How high it will go, you will have to call Mr Bernanke and at the Fed there are other people who actually make Mr Bernanke look like a hawk and so they are going to print money."
Faber is on record as to the importance of owning physical gold and he again warned about the importance of owning gold but not storing it in the U.S.
"You ought to own some gold but don't store it in the U.S., the Fed will take it away from you one day," Faber astutely noted.
He said that Bernanke is a money printer and this could lead to massive inflation and the Dow Jones at 20,000, 50,000 or 10 million.
Faber cheerily predicted that the "the Federal Reserve's monetary policy will destroy the world" and "eventually we will have a systemic crisis and everything will collapse."
Faber's long term historical financial and economic perspective remains astute.
The full interview is a must see and can be seen in our commentary section today.